A bill to allow savings banks, savings and loan associations and credit unions in New York State to invest in State of Israel Bonds has been approved by the State Assembly and the State Senate and now awaits Gov. Hugh Carey’s signature, Assemblyman Leonard Silverman, Brooklyn Democrat, reported today. He sponsored the bill in the Assembly which approved it Monday. State Senator Roy Goodman, New York Republican, sponsored the measure in the Senate.
Silverman said that under the legislation, investment in Israel Bonds would be limited to five percent of the capital deposits and reserves of the investing institution. Commercial banks have been permitted for some time to invest in Israel Bonds. Silverman said 20 states now permit savings banks to buy Israel Bonds.
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